CEXs are once again emptied of large amounts of Bitcoin. Recently, Glassnode reported 28,000 BTC mined from these centralized cryptocurrency exchanges. Is this an alarming situation? Not quite: exits from similar assets reflect a clear desire to hold coins for the long term, i.e. HODL.
CEXs dump bitcoins
We reported here on Cointribune at the end of November massive withdrawal of Ethereum on several CEX. The equivalent of $1 billion in ETH left these centralized platforms in a matter of weeks. due to the growing interest in whales “.
Are we nearing the end of the centralized exchange predicted by Tim Shan (Dexalot)?
In any event, these withdrawals did not trigger further similar operations on CEX.
” A centralized stock exchange was witnessed on Wednesdayexodus of more than $28,000 BTCwith Coinbase being the custodian of several ETFs on offer and only seeing an outflow of 18,000 BTC. »
Based on recent statistics from Glassnode, CoinDesk highlighted the exit 28,000 BTC (or $1.19 billion) several decentralized cryptocurrency exchanges. What makes these operations so special? In fact, these withdrawals did occur in a single day. Which represents the largest Bitcoin outflow since December 14, 2022.
Coinbase, increasingly oppressed by traders?
Last September, we reported on the decline in bitcoin trading on the Binance crypto exchange due to legal action by the Department of Justice and the SEC. A situation that would benefit its rival Coinbase, which has seen an increase in BTC transaction volumes.
Three months later, US crypto exchange records outflow of 18,000 BTC. The move happened last Wednesday, according to CryptoQuant, the analytics company behind the flagship cryptocurrency’s 2024 price drop forecast.
Note that this drop in price would come from “Sell The News” which will accompany the SEC’s imminent approval of spot bitcoin ETFs. And we’re aware that Nasdaq-listed Coinbase is the manager of 9 of the 12 bitcoin spot ETFs awaiting the green light from the US regulator between January 6 and 10.
Even though 18,000 BTC is emptied, Coinbase continues to be difficult to dethrone with its 1 million bitcoin vault promise announced Arkham Intelligence last September. Taking into account the current price of the cryptocurrency queen ($42,867.21 per coin), Brian Armstrong’s company would have approx. 42 billion dollars.
Also note that the total bitcoin balance in CEX wallets is currently 2,327,025 BTC. This is a very low level compared to data collected since April 2018. However, Bitcoin transfers from cryptocurrency exchange platforms are by no means dangerous: they mean weakening supply pressures and potential price appreciation.
By the way, check out these Bitcoin price predictions for 2024.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.